Swedish pension company, Alecta, has invested around SEK 100m in Polarium, a Swedish company that produces solutions for energy storage and energy optimisation, using the company's advanced lithium-ion batteries.

Alecta acknowledged that, since it first invested in Polarium in 2022, the company has not developed well, with no orders from the largest customer, prompting the need for this new capital to strengthen the business.

However, Alecta equity manager, Magnus Tell, said that the conditions for the investment, combined with Polarium's plan going forward, mean that Alecta, as existing owners, “believe in and support the company”.

The group also pointed out that while Polarium's products are currently mainly used in the telecoms sector, but delivery to other sectors and to households has begun.

Tell said: “The new capital that is now supplied from Alecta and other owners creates, together with other financing, a stable situation going forward.

"The new management has a credible business plan to make the company profitable again and create opportunities for future growth.

“An important aspect is that there is now an agreement with Polarium's largest customer to resume deliveries, which is of course positive.”

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